公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 ——美丽田园医疗健康（2373.HK）2024 年年报点评 2025 年 3 月 28 日 买入（维持） 当前价：18.10 港元 作者 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆盖报告（2023-06-02） 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 wuziqian ...

Financial Performance - Total revenue for the year reached RMB 2,572 million, representing a year-on-year increase of 19.9%[3] - Gross profit rose to RMB 1,190 million, with a gross margin of 46.3%, up 0.7 percentage points from the previous year[3][7] - Net profit for the year was RMB 252 million, reflecting a year-on-year growth of 9.7%[3][7] - Cash flow from operating activities amounted to RMB 797 million, up 27.4% year-on-year[7] - Total revenue for 2024 reached RMB 2,572 million, a 19.9% increase from RMB 2,145 million in 2023[30] - The gross profit for 2024 was RMB 1,190 million, compared to RMB 977 million in 2023, indicating an increase of 21.8%[64] - The net profit for the year was RMB 252 million, an increase from RMB 230 million in 2023, representing a growth of 9.7%[65] - Adjusted net profit (non-HKFRS measure) for 2024 was RMB 252 million compared to RMB 241 million in 2023, reflecting a year-on-year increase[51] Membership Growth - Active members in direct-operated stores increased to 137,027, a growth of 46.3% year-on-year[3] - The number of active members in beauty and health franchise stores reached 61,447, a growth of 57.9% year-on-year[11] - In 2024, the number of active members in direct-operated stores increased to 130,961, a 44.7% rise from 90,468 in 2023[13] - The number of active members in medical beauty services grew by 37.4% to 33,630, up from 24,474 in 2023[20] Revenue Segmentation - Revenue from beauty and health services reached RMB 1,443 million, a year-on-year increase of 20.9%[10] - Medical beauty service revenue grew by 9.1% to RMB 927.9 million in 2024, driven by increased membership and operational efficiency[35] - Revenue from sub-health medical services surged by 98.9% to RMB 200.9 million in 2024, attributed to membership growth and innovative services at the Women's Special Care Center[36] - Revenue from the Women's Special Care Center exceeded RMB 100 million in 2024, representing a year-on-year growth of over 300%, with active membership increasing by over 200%[24] Acquisitions and Investments - The company acquired 70% of the core assets of Nairui for RMB 350 million, marking a significant step into the health sector[5] - The company completed the acquisition of Narier, integrating it into the group’s financial statements, contributing RMB 287.3 million in revenue from 232,860 customer visits and 34,252 active members in the second half of 2024[25] - The company completed the acquisition of 70% of Nair Health Technology Co., Ltd. for RMB 350 million on March 26, 2024[60] Operational Efficiency - The average customer acquisition cost for active members in direct-operated stores decreased by 8.9% in 2024[15] - The company achieved a 27.1% year-on-year growth in new member acquisition for beauty and health services, driven by strong brand influence and digital marketing capabilities[15] - The company expanded its sub-health medical service clinics to 11 locations, with a 62.5% increase in customer traffic to 27,079 visits[22] Research and Development - The number of patents obtained by the CellCare brand increased by 44 to a total of 58, showcasing its leadership in medical beauty technology research and development[20] - The company plans to continue its research and development efforts in customized beauty equipment through partnerships with international firms[116] Future Plans - The company plans to distribute a final dividend of HKD 0.52 per share, totaling approximately HKD 123 million[3] - The company plans to fully launch the "Craftsmanship Service" brand upgrade plan in 2025, focusing on enhancing service quality and customer experience[13] - The company plans to leverage AI technology in the "Beauty and Health" sector to drive innovation and optimize operational decision-making[28] - The company plans to utilize 67.6% of the net proceeds from the global offering for expanding and upgrading service networks, with a total of HKD 377.5 million allocated[103] Financial Position - As of December 31, 2024, the company's cash and cash equivalents totaled RMB 1,831 million, an increase of RMB 257 million or 16.3% compared to RMB 1,574 million in the same period of 2023[52] - Total assets increased to RMB 4,276,480 thousand in 2024, up from RMB 3,302,006 thousand in 2023, representing a growth of approximately 29.5%[66] - The total equity increased to RMB 975,240 thousand in 2024, up from RMB 834,233 thousand in 2023, representing a growth of approximately 16.9%[67] - The company’s non-current liabilities totaled RMB 562,380 thousand in 2024, an increase from RMB 415,761 thousand in 2023, reflecting a rise of about 35.3%[67] Shareholder Returns - The company committed to returning at least 50% of annual net profit to shareholders as dividends over the next three fiscal years, barring special circumstances[27] - The company declared dividends of RMB 101,151,000 in 2024, up from RMB 84,009,000 in 2023, marking a 20.4% increase[91] - Proposed final dividend of HKD 0.52 per share for the year ended December 31, 2024, compared to HKD 0.47 per share in 2023, reflecting an increase of 10.64%[100] Corporate Governance - The audit committee, consisting of one non-executive director and two independent non-executive directors, has been established to oversee financial reporting and internal controls[109] - The auditor confirmed that the financial figures in the performance announcement are consistent with the audited consolidated financial statements for the year ending December 31, 2024[110] - There were no significant events occurring after the reporting period up to the announcement date[111]

Investment Rating - The report assigns a rating of "Buy" to the company, with a target price raised to HKD 22.88, reflecting a 16x PE for 2025 [9][17]. Core Insights - The company is expected to complete the integration of the second-largest beauty service brand, Nairui, by 2024, enhancing its "Double Beauty + Double Health" business model and accelerating market consolidation [3][9]. - The company reported a revenue of RMB 1.138 billion in H1 2024, a year-on-year increase of 9.7%, with beauty and health service revenue growing by 13.6% [9]. - The integration of Nairui is projected to significantly expand the customer base, with a total of 150 stores expected to be consolidated [9]. Financial Summary - Revenue for 2023 is reported at RMB 2,153.25 million, with a projected increase to RMB 2,608.26 million in 2024, reflecting a growth rate of 21.1% [7]. - The net profit for 2023 is RMB 215.66 million, with an expected increase to RMB 249.24 million in 2024, indicating a growth of 15.6% [7]. - The company’s gross margin for H1 2024 is reported at 47.0%, an increase of 0.9 percentage points year-on-year [9].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,137,694,000, representing a 9.7% increase from RMB 1,036,870,000 in the same period of 2023[9]. - Gross profit increased to RMB 534,200,000, up 11.7% from RMB 478,106,000 year-over-year, with a gross profit margin of 47.0%[9]. - Adjusted net profit for the first half of 2024 was RMB 131,837,000, a slight increase of 0.5% from RMB 131,217,000 in the same period of 2023[9]. - Net profit for the period was RMB 126,067,000, reflecting a 4.1% increase from RMB 121,120,000 year-over-year[9]. - Basic earnings per share increased to 0.50 from 0.49, indicating a positive trend in profitability[9]. - Revenue from cornerstone beauty and wellness services increased to RMB 622 million, up 13.6% year-over-year, driven by increased single store membership and enhanced private domain traffic[22]. - Revenue from aesthetic medical services reached RMB 441 million, with a gross profit margin of 55.1%[37]. - Revenue from subhealth medical services surged to RMB 74 million, marking a 50% year-over-year increase[22]. Client Engagement - The number of client visits to direct stores rose to 684,659, an increase of 11.6% compared to 613,668 in the previous year[9]. - Active members served at direct stores grew by 10.3%, reaching 81,531 from 73,919[9]. - The annual retention rate for active members reached an impressive 79.0% in the first half of 2024[19]. - The number of active members at direct stores reached 81,531, an increase of 10.3% year-over-year, with an average spending of RMB 12,608 per active member[21]. - Active members in beauty and wellness services grew to 78,868, reflecting a 9.9% increase compared to the previous year[34]. - Average spending per active member in beauty and wellness services was RMB 6,771, slightly up from RMB 6,693 in the same period last year[34]. Strategic Acquisitions and Partnerships - The company announced the acquisition of a 70% equity interest in Guangzhou Naturade Health Management Co., Ltd. for RMB 350 million, enhancing its market position in the wellness sector[12]. - All 150 Naturade stores have been integrated into the company's network under a franchise model, significantly increasing market share in China's Greater Bay Area[13]. - The company completed the acquisition of 70% of Guangzhou Nairier Health Management Co., Ltd. for RMB 350 million, integrating all 150 Nairier stores into its brand matrix[15]. - A strategic partnership with French brand LPG led to the successful launch of the LPG® BF+ initiative, achieving nearly 60% of the annual sales target within two months[32]. - The acquisition of Naturade, a leader in AI-powered wellness solutions, is expected to enhance brand influence and product competitiveness in the wellness market[32]. Business Model and Market Strategy - The company is shifting to a "dual beauty + dual wellness" business model, expanding its service offerings to include lifestyle wellness alongside traditional beauty services[14]. - The new "dual beauty + dual wellness" business model is expected to significantly enhance customer numbers in the wellness segment[15]. - The company plans to explore mergers and acquisitions as a major strategic opportunity to expand its membership base in key cities[17]. - The company plans to add 150 direct and franchised stores following the integration of Naturade, enhancing market share in the Greater Bay Area[24]. - The company aims to expand its membership base and revenue through strategic acquisitions, exemplified by its success in Xi'an, which has become the fifth-largest city by revenue contribution[52][53]. Operational Efficiency and Cost Management - Selling expenses rose from RMB 166.9 million in the first half of 2023 to RMB 189.7 million in the first half of 2024, driven by increased staff and marketing costs[75]. - The increase in costs of sales and services from RMB 558.8 million in the first half of 2023 to RMB 603.5 million in the first half of 2024 was mainly due to business growth and increased service offerings[69]. - General and administrative expenses increased from RMB 165.8 million in H1 2023 to RMB 181.1 million in H1 2024, primarily due to increased staff costs driven by business growth[77]. Cash Flow and Financial Position - The Group generated RMB 222.4 million in net cash from operating activities in H1 2024, a slight increase compared to the same period last year[88]. - Net cash used in investing activities was RMB 195.9 million in H1 2024, mainly due to a RMB 105.0 million payment for the Naturade acquisition[88]. - Cash and cash equivalents as of June 30, 2024, amounted to RMB 196.0 million, with term deposits over three months totaling RMB 486.1 million[83]. - The Group's net cash used in financing activities was RMB 54.5 million in H1 2024, primarily for lease liabilities payments[88]. Corporate Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code during the Reporting Period[118]. - The Company continues to enhance information disclosure and transparency by regularly publishing financial reports and operational conditions[119]. - The Company has adopted a clear code of ethical conduct and incorporated compliance with occupational ethics into employee performance appraisals[120]. - The Company emphasizes compliance and anti-corruption work to ensure integrity and a clean operational style[121]. Shareholder Structure and Incentives - As of June 30, 2024, the company had 235,795,568 shares issued, with various directors holding significant interests[147][148]. - The concert party agreement among Mr. Li, Ms. Li, Mr. Lian, Niu Guifen, Cui Yuanjun, and Yuan Huimin collectively holds voting rights for 114,987,000 shares, which is 48.77% of the issued share capital[154]. - The company has adopted a 2022 Share Incentive Plan to motivate and retain eligible employees, with grants available to employees and prospective employees[161]. - The Share Incentive Plan is valid for ten years starting from January 16, 2023, allowing for the issuance of awards during this period[166].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.6, while the current price is HKD 16.22 [6]. Core Insights - The company achieved a revenue of RMB 1.14 billion and a net profit attributable to shareholders of RMB 120 million in the first half of 2024, with significant growth in the women's care center business [1][2]. - Revenue growth was driven by franchise stores and sub-health services, with women's care center revenue increasing over 200% year-on-year [2]. - The acquisition of 150 stores from Nairu, covering the Greater Bay Area, further expands the company's business footprint and complements its existing services [4]. Financial Performance - For the first half of 2024, the company reported a revenue increase of 9.7% year-on-year, while net profit grew by 3.2% [2]. - The gross margin slightly increased by 0.9 percentage points to 47.0%, attributed to increased customer traffic and economies of scale [2]. - The company forecasts net profits for 2024-2026 to be RMB 250 million, RMB 320 million, and RMB 370 million, respectively, with corresponding P/E ratios of 14.1x, 10.9x, and 9.5x [4]. Store Expansion and Customer Engagement - The company has expanded its store count to over 559, including 150 Nairu stores, with a significant increase in customer traffic and active membership [3]. - Direct store traffic reached 680,000 visits, a 12% increase year-on-year, while active members grew by 10% to 82,000, maintaining a high retention rate of 79% [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved revenue growth of 9.7% year-on-year in the first half of 2024, with total revenue reaching 1.14 billion RMB [2][3] - Adjusted net profit for the same period is 130 million RMB, reflecting a slight increase of 0.5% year-on-year, with an adjusted net profit margin of 11.6% [2][3] - The company is expanding its "Double Beauty + Double Health" model, which is expected to enhance its market position and customer base [6] Financial Performance - The company's revenue breakdown shows that beauty and health services generated 620 million RMB, up 13.6% year-on-year, accounting for 54.7% of total revenue [3] - Medical beauty services contributed 440 million RMB, a modest increase of 0.3%, while sub-health medical services surged by 50% to 70 million RMB [3] - The gross profit margin improved to 47.0%, an increase of 0.9 percentage points compared to the previous year [2][3] Market Position and Strategy - The company has successfully integrated the acquisition of the leading smart beauty brand, Nairui'er, which is expected to significantly enhance its market share [6] - As of mid-2024, the company operates over 409 stores, with 202 being direct-operated and 207 franchised [6] - The report forecasts revenue growth for 2024-2026 at 22%, 24%, and 14% respectively, with net profit growth of 12%, 25%, and 12% [6][8]

Investment Rating - The report maintains a "Recommend" rating for Beautiful Land Medical Health (2373 HK) [1] Core Views - Beautiful Land Medical Health achieved revenue of RMB 1 138 billion in H1 2024 a YoY increase of 9 7 with a gross margin of 47 0 up 0 84 pct YoY and adjusted net profit of RMB 132 million a YoY increase of 0 5 [1] - The company's beauty and wellness business showed steady growth with revenue of RMB 622 million in H1 2024 a YoY increase of 13 6 while the sub-health business revenue surged by 50 0 to RMB 74 million [1] - The company completed the acquisition of Nai Rui Er expanding its total number of stores to over 550 and upgrading its business model from "Three Beauty" to "Double Beauty + Double Health" [1] Financial Performance - Revenue for 2024E is projected at RMB 2 605 billion a YoY increase of 21 4 with net profit attributable to the parent company expected to reach RMB 238 million a YoY increase of 10 2 [1][2] - The company's gross margin for H1 2024 was 46 95 a YoY increase of 0 84 pct while the net margin was 11 08 a YoY decrease of 0 60 pct [1] - The EPS for 2024E is forecasted at RMB 1 01 with a P E ratio of 15x [2] Business Segments - Beauty and wellness services contributed RMB 622 million in H1 2024 with direct-operated stores generating RMB 564 million a YoY increase of 11 2 and franchise stores contributing RMB 58 million a YoY increase of 43 8 [1] - Medical beauty services revenue was RMB 441 million in H1 2024 a slight YoY increase of 0 3 with active members increasing by 12 1 to 19 000 [1] - Sub-health services revenue reached RMB 74 million in H1 2024 a YoY increase of 50 0 with per capita spending of active members increasing by RMB 2 835 to RMB 15 000 [1] Store Expansion - As of H1 2024 the company had a total of 409 stores including 376 beauty and wellness stores 24 medical beauty stores and 9 sub-health stores [1] - The acquisition of Nai Rui Er added 150 stores bringing the total number of stores to over 550 [1] Strategic Initiatives - The company strategically expanded its health product SKUs and partnered with French LPG to launch the LPG® BF+ program [1] - The acquisition of Nai Rui Er is expected to enhance the company's market coverage brand influence and operational efficiency through economies of scale [1] Financial Projections - Revenue for 2025E is projected at RMB 3 128 billion a YoY increase of 20 1 with net profit attributable to the parent company expected to reach RMB 285 million a YoY increase of 20 0 [2] - Revenue for 2026E is projected at RMB 3 576 billion a YoY increase of 14 3 with net profit attributable to the parent company expected to reach RMB 330 million a YoY increase of 15 8 [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company demonstrated revenue and profit growth in the first half of 2024, with revenue reaching 1.138 billion yuan, a year-on-year increase of 9.7%, and net profit attributable to shareholders of 115 million yuan, up 3.2% year-on-year [3][4] - The company's business model shows strong synergy, particularly in the beauty and health sectors, with significant growth in sub-segments such as sub-health management services, which grew by 50% year-on-year [4][5] - The company is expanding its market presence through both organic growth and acquisitions, enhancing operational efficiency through digital marketing tools [7] Revenue Performance - The company's revenue for 1H2024 was 1.138 billion yuan, with a year-on-year growth of 9.7% [3] - The adjusted net profit for the same period was 1.32 billion yuan, reflecting a 0.5% increase year-on-year [3] - Revenue breakdown by business segments shows beauty and health services at 620 million yuan, medical beauty services at 440 million yuan, and sub-health medical services at 70 million yuan, with respective year-on-year growth rates of 13.6%, 0.3%, and 50.0% [4] Operational Efficiency - The company reported an increase in gross margin to 47.0%, up 0.9 percentage points year-on-year, while the net profit margin slightly decreased to 10.1%, down 0.6 percentage points [4][5] - The gross margins for the beauty and health, medical beauty, and sub-health business segments were 40.3%, 55.1%, and 54.4%, respectively, with notable improvements in the sub-health segment [5] Market Data - The total market capitalization of the company is 3.754 billion HKD, with a total share count of 236 million shares [3] - The stock price has fluctuated between 9.11 and 17.50 HKD over the past year [3] Financial Forecast - The company is projected to achieve revenues of 2.596 billion yuan in 2024, with a growth rate of 21.03%, and net profit of 250 million yuan, reflecting a growth rate of 15.91% [8][9] - The earnings per share (EPS) are expected to be 1.06 yuan in 2024, with a price-to-earnings (P/E) ratio of 14 [8][12]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of HKD 17.37 [5][8]. Core Insights - The company achieved a revenue of RMB 1.138 billion in the first half of 2024, representing a year-on-year increase of 9.7%, and a net profit of RMB 115 million, up by 2.7% [1]. - The company is expanding its market presence through the acquisition of a 70% stake in the second-largest beauty brand, Nairui'er, which is expected to enhance its market share and brand synergy [4][8]. - The company has transitioned to a "dual beauty + dual health" business model, focusing on both beauty and health services [4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 47.0%, an increase of 0.9 percentage points, driven by a higher proportion of high-margin businesses [2]. - The adjusted net profit for the first half of 2024 was RMB 132 million, reflecting a modest increase of 0.5% [1]. - Cash and cash-equivalent assets rose significantly by 137.1% to RMB 196 million [1]. Membership and Store Expansion - The number of active direct members reached 81,500, a growth of 10.3%, while the average annual spending per member decreased by 2.1% to RMB 12,600 [3]. - The total number of stores increased to 409, with a net addition of 14 stores in the first half of 2024 [3]. Business Segmentation - Revenue from beauty and health services was RMB 622 million, up 13.6%, accounting for 54.7% of total revenue, with a gross margin of 40.3% [4]. - Medical beauty services generated RMB 441 million, representing a slight increase of 0.33%, while health assessment and intervention services saw a significant growth of 50.0% to RMB 74 million [4].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 1,137,694 thousand, representing a year-on-year increase of 9.7% compared to RMB 1,036,870 thousand in 2023[3]. - Adjusted net profit for the period was RMB 131,837 thousand, with an adjusted net profit margin of 11.6%[3]. - The company's revenue increased by 9.7% from RMB 1,036.9 million in the first half of 2023 to RMB 1,137.7 million in the first half of 2024[20]. - The profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 115,421,000, compared to RMB 111,830,000 for the same period in 2023, representing a growth of approximately 2.5%[70]. - Total comprehensive income for the period was RMB 129,729 thousand, down 17.4% from RMB 157,009 thousand in the prior year[46]. Revenue Breakdown - Revenue for beauty and wellness services reached RMB 622 million in H1 2024, a year-on-year increase of 13.6%[10]. - Revenue from beauty and wellness services amounted to RMB 622,418,000, up from RMB 547,705,000, with a notable increase in service revenue from RMB 472,987,000 to RMB 533,986,000[57]. - Medical beauty services generated RMB 441,327,000 in revenue, slightly up from RMB 439,869,000, while sub-health medical services increased significantly from RMB 49,296,000 to RMB 73,949,000[57]. - Revenue from franchise and other beauty and wellness services surged by 43.8%, from RMB 40.4 million to RMB 58.0 million, driven by network expansion and new equipment launches[23]. - Revenue from sub-health medical services grew by 50.0%, from RMB 49.3 million to RMB 73.9 million, primarily due to rapid growth in women's specialty centers[25]. Member and Customer Metrics - The number of active members served by direct-operated stores increased to 81,531, up 10.3% from 73,919 in the same period last year[3]. - The total customer traffic for direct-operated stores reached 684,659, reflecting an 11.6% increase from 613,668 in the previous year[3]. - The average spending per active member was RMB 12,608, slightly down from RMB 12,882 in the same period last year[6]. - The number of active members served increased to 78,868, up 9.9% compared to the same period last year[12]. - The average spending per active member was RMB 6,771, slightly up from RMB 6,693 in the previous year[12]. Operational Efficiency and Growth Strategy - The company aims to optimize single-store operational efficiency and expand revenue in direct-operated cities as part of its growth strategy[19]. - The company plans to integrate all 150 Nairier stores into its brand matrix by September 1, 2024, significantly increasing market share in the Greater Bay Area[4]. - The company plans to open 150 new direct and franchise stores following the acquisition of Nairui, enhancing market share in the Greater Bay Area[10]. - The company is focused on expanding its direct-operated and franchise business while upgrading medical beauty and sub-health service locations[19]. - The company anticipates that 2024 will be a pivotal year for mergers and acquisitions in the beauty industry, focusing on expanding its core city member base[5]. Acquisition and Partnerships - The company announced the acquisition of 70% of the core assets of Guangzhou Nairier Health Management Co., Ltd. for RMB 350 million, enhancing its market position in the health sector[4]. - The company completed the acquisition of 70% equity in Guangzhou Nairu Health Management Co., Ltd. for RMB 350.0 million, with 75% of the payment already made by June 30, 2024[40][43]. - The company has entered a strategic partnership with LPG to enhance its product offerings in the health and beauty sector[11]. - The company plans to actively pursue potential acquisition opportunities to enhance brand influence and industry leadership[18]. Financial Position and Cash Flow - Cash and cash equivalents amounted to RMB 196.0 million, with time deposits over three months totaling RMB 486.1 million as of June 30, 2024[35]. - The net cash generated from operating activities was RMB 222.4 million, a slight increase from RMB 222.3 million in the same period of 2023[36]. - The net cash used in investing activities for the first half of 2024 was RMB 195.9 million, primarily due to the acquisition payment of RMB 105.0 million for Nairu Health Technology and RMB 87.8 million for purchasing non-current assets[36]. - The total assets increased to RMB 3,409,708 thousand as of June 30, 2024, compared to RMB 3,302,006 thousand at the end of 2023, reflecting a growth of 3.2%[47]. - The company's equity attributable to owners increased to RMB 829,498 thousand from RMB 801,896 thousand, reflecting a growth of 3.4%[47]. Corporate Governance and Compliance - The audit committee, including one non-executive director and two independent non-executive directors, reviewed the interim financial statements and confirmed compliance with applicable accounting standards[86]. - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[85]. - The company has adopted the standard code for securities trading by directors and senior management, confirming compliance during the reporting period[85]. - The company will continue to review and improve its corporate governance practices to ensure adherence to the corporate governance code[85]. Research and Development - The company is focused on research and development to meet the evolving needs of customers throughout their lifecycle[92]. - The newly upgraded TimeSo "Differentiated Aesthetics" system was launched, marking a significant milestone in product innovation[14]. - The company has established a strong team of 60 experts in comprehensive minimally invasive procedures and dermatology[14]. Market Trends and Insights - The number of medical beauty service institutions in China reached 19,880, a 28% year-on-year increase, indicating a growing market[13]. - The women's health center has seen over 200% revenue growth, indicating strong market demand and customer loyalty[16]. - The company has a unique business model developed over 30 years, leveraging a nationwide beauty and health network to attract quality customers[90]. Shareholder Returns - The declared dividends for the six months ended June 30, 2024, amounted to RMB 105,161,000, up from RMB 84,009,000 in the previous year, reflecting a growth of approximately 25.1%[71]. - The company repurchased a total of 865,500 shares at a total cost of RMB 12,012,000, with 255,500 shares canceled on August 31, 2023, and 610,000 shares canceled on February 21, 2024[68].